Bibliographie sélective OHADA

Le droit des investissements internationaux s'est construit sous l'impulsion des tribunaux arbitraux qui, dans leur rôle d'interprétation du droit international coutumier et des traités d'investissement, ont contribué à enrichir le droit matériel des investissements. La multiplication des sentences rendues a constitué progressivement une véritable jurisprudence, visant à équilibrer la relation entre l'investisseur étranger et l'État hôte. Cependant, l'interprétation des traités par les tribunaux arbitraux s'est souvent faite dans un objectif de protection de l'investisseur face à la puissance publique de l'État, jusqu'à inverser parfois le rapport de force entre les deux opérateurs. De plus, l'absence de principe de précédent en arbitrage d'investissement a contribué à créer un flou notionnel, du fait des interprétations changeantes des dispositions des traités protégeant l'investisseur étranger. 2Cette étude vise donc à faire état du droit positif des investissements internationaux en déterminant un courant doctrinal commun aux sentences arbitrales. Une fois ce travail de compilation réalisé, l'objectif sera alors de déterminer l'état de l'équilibre des forces entre les deux opérateurs et proposer un rééquilibrage du droit des investissements. Ce rééquilibrage passe notamment par une redéfinition des critères jurisprudentiels imprécis ou changeants et une adaptation de la protection de l'investisseur étranger aux enjeux modernes du commerce international, tout en veillant à permettre à l'Etat hôte de conserver ses prérogatives de puissance publique. International investment law has largely been shaped by arbitral tribunals, whose interpretative function with regard to customary international law and investment treaties has contributed significantly to the development of substantive investment law. The proliferation of arbitral awards has progressively given rise to a de facto jurisprudence, aimed at striking a balance between the interests of foreign investors and the sovereign rights of host States. However, treaty interpretation by arbitral tribunals has often been guided by a protective logic in favour of the investor, at times to the extent of inverting the power dynamic between the two actors. Furthermore, the absence of a binding precedent doctrine in investment arbitration has fostered conceptual uncertainty, resulting from fluctuating interpretations of the treaty provisions safeguarding foreign investors.This study seeks to provide an overview of the current state of positive international investment law by identifying a coherent doctrinal trend emerging from arbitral case law. Based on this synthesis, the aim is to evaluate the prevailing balance of power between the investor and the host State, and to propose avenues for rebalancing investment law. Such rebalancing entails, in particular, a clarification of vague or inconsistent jurisprudential standards and an adaptation of investor protection to contemporary challenges of international trade, while ensuring that host States retain their sovereign regulatory authority.

La dématérialisation et la numérisation croissantes de notre économie ont élevé les données au rang de matière première indispensable. La valeur des données réside dans leurs exploitations potentielles. C’est pourquoi leurs détenteurs cherchent à maximiser leurs revenus en limitant l’accès. Ce constat souligne les enjeux de gouvernance des données. La problématique de la réservation des données a alors émergé. Le constat est que la propriété intellectuelle ne parvient pas à appréhender pleinement la donnée. Néanmoins, l’analyse du droit positif révèle l’existence de mécanismes du droit commun permettant une réservation des utilités des données, tels que le contrat, la concurrence déloyale et parasitaire et le secret des affaires. Bien que ces mécanismes offrent une réservation, ils ne sont pas exempts de lacunes. Aussi, la question de la propriété des données a émergé et a suscité un vif débat. Cette interrogation a engendré un renouvellement des approches théoriques et pratiques du droit de propriété. Dans une approche prospective, un droit exclusif d’exploitation sur les données a été esquissé sous la forme d’un droit sui generis. Cet exercice de conceptualisation a mis en exergue les difficultés que pourrait entraîner une telle reconnaissance. Par ailleurs, il est impératif de trouver un juste équilibre entre la volonté d’appropriation des données et le droit d’accès des tiers à celles-ci afin d’instaurer un régime de protection à la fois efficace et équitable.

This thesis critically analyses Uganda’s bilateral investment treaty (BIT) system to determine its compatibility with sustainable development imperatives and proposes a new model BIT that aligns with Uganda’s evolving development priorities. Recognising the country’s reliance on foreign direct investment (FDI) for economic growth, this study interrogates the extent to which Uganda’s current BITs—many of which were concluded during earlier policymaking eras—expose the country to legal, economic, and regulatory risks. These include susceptibility to investor–state dispute settlement (ISDS) claims, constraints on the host state’s right to regulate, and a lack of provisions promoting environmental, social, and developmental objectives. Through doctrinal and comparative legal analysis, the study traces the historical evolution of international investment law (IIL), critiques the limitations of Uganda’s domestic and treaty-based FDI frameworks, and identifies substantive and structural weaknesses in Uganda’s in-force and model BITs. The analysis also considers international reform efforts and best practices from new-generation investment agreements, including the AfCFTA Protocol on Investment, the Investment Facilitation for Development (IFD) Agreement, and the SADC and EAC Model BITs. Particular attention is paid to the South African BIT reform experience as a comparator for Uganda’s reform journey. The study finds that Uganda’s BIT system is outdated, overly protective of investors, and poorly aligned with its sustainable development goals (SDGs). It recommends terminating unratified and problematic BITs, renegotiating existing ones, and adopting a new model BIT that balances investor protection with Uganda’s regulatory autonomy and sustainable development objectives. To this end, a draft model BIT is proposed as an annex to guide future treaty negotiations and reform Uganda’s investment regime in line with contemporary global standards and regional aspirations.

This thesis critically examines a much-debated issue in international law: the legitimacy of the Investor-State Dispute Settlement system (ISDS). The system was initially conceived to provide an alternate dispute resolution mechanism for the protection and promotion of foreign investment. In time, this objective has incited a discussion on the legitimacy of the system as the developed world has started to experience the role of host states. Since then, they have taken the lead in the reform process to achieve a balance between host state's and foreign investors' rights. To this effect, both the European Union (EU) and the Third Way Approaches to International Law (TWAIL) are for centralization of the system arguing its current problems emanate from its ad hoc and decentralized nature. Although both are aimed at system centralization, the paths they take to achieve it clearly differ. The EU seeks a permanent investment court by which ad hoc arbitration would give way to a more centralized framework. However, TWAIL advocates for a return to the pre-ISDS era, where national courts resolve investment disputes between foreign investors and states. The effectiveness of these two reform ideas in addressing the purported legitimacy concerns of the ISDS is critically examined in this thesis using Martti Koskenniemi's legal approach. Ultimately, it asserts that neither proposal is adequate to resolve the legitimacy issue of the system, as legitimacy can only be achieved by strengthening the principle of justice, which is feasible alone through a more decentralized structure.

Focusing on Bosnia and Herzegovina, this study examines how diasporas contribute to the creation of foreign direct investment (FDI) in developing countries. It defines FDI as the acquirement over assets in a foreign nation and highlights how diaspora populations support investment flows. It also examines diaspora investment strategies, such as diaspora portfolio investment (DPI) and diaspora direct investment (DDI), and offers a historical overview of diaspora FDI patterns and how Bosnia and Herzegovina's policies are changing to engage its diaspora more.One case study illustrates the impact of diaspora-led FDI by highlighting the success of Senad Šantić, a Bosnian entrepreneur who returned to his home country to start a tech company. While these investments support development and economic growth, there are still issues, like the possibility of putting one's own interests ahead of the interests of the economy as a whole. Particularly in Bosnia and Herzegovina, where diaspora participation has historically been low, the implementation of effective policies and procedures is crucial, especially from a regulation perspective.The study also looks at the future of FDI, emphasizing the part that digital technology and new investment patterns will play. Opportunities for developing nations can be found in digital FDI, especially in industries like fintech and e-commerce, yet obstacles still exist in luring these investments. According to all the findings, developing nations can improve their chances for economic success by creating an atmosphere that encourages diaspora investment which will shift those nations into the global investment scene. Ultimately, FDI regulations and government programs are needed in order to fully utilize diaspora-led FDI for sustained growth.

This study provides an in-depth look at the complex relationship between business environments and foreign direct investment. The study examines this critical issue by focusing on emerging economies, such as Kosovo. In this research, analytical and empirical research methods have used to highlight the importance of FDI in promoting economic growth. FDI not only increases production capacity but also supports economic growth by increasing purchasing power and creating employment opportunities, especially in countries in transition. This analysis distinguishes between endogenous and exogenous variables to classify the various elements of the business environment. It is important to emphasize how a supportive business environment plays a vital role in attracting investment. The main factors affecting FDI include infrastructure quality, political stability, workforce skills, market potential and tax incentives. These initiatives are critical to creating a more favorable investment climate.As a result of the variables the study concludes by emphasizing the need for continuous reforms to strengthen the business environment. Such strategic efforts are crucial to optimize FDI flows and advance sustainable economic development. By strengthening regulatory frameworks and improving infrastructure, developing countries can be in better position itself to attract foreign investors. Furthermore, creating a strong business environment can also support the development of local entrepreneurs, increasing economic diversification. As a result, it not only facilitates the flow of capital, but also contributes to the long-term stability and growth of the national economy. Therefore, policymakers and governments need to prioritize these initiatives and develop comprehensive and sustainable strategies to improve the business environment.

This dissertation critically analyses new generation continental, regional and bilateral investment treaties in Africa with the aim to explore enhancements that could be made thereto in order to enable African citizens to hold investors accountable for investment-related climate change issues in Africa. The main research question answered in the dissertation is: to what extent does African investment treaty practice incorporate climate change-related provisions and investor accountability for climate change. The dissertation analysed traditional investment treaties, particularly noting their silence on climate change and investor accountability, and their partiality to investor protection. Using the AfCFTA Investment Protocol as an anchor alongside other new generation continental, regional and bilateral investment treaties in Africa, it discusses a fundamental contemporary shift in African investment treaty practice towards ensuring sustainable investments and greater investor accountability for sustainability in Africa. It also explores the various limitations in these new generation investment treaties that still make investor accountability. In the end it proposes reforms to the Investor-State Dispute Settlement provisions of these investment treaties to recognise citizen-led arbitral claims against investors, utilising the Hague Rules on Business and Human Rights as the procedural infrastructure for handling arbitration of such claims.

The study explores the reaction of stock markets to anticipated or unexpected rating announcements by the market in a crisis context by conducting an empirical study on the MENA (Middle East and North Africa) stock market over the period from December 2010 to August 2022. The results show that the crisis context support the anticipation of bad ratings and neutral ratings as opposed to good ratings. These results validate the asymmetry in investor reaction to announcements of anticipated rating downgrades compared with announcements of upgrades in times of crisis. This reaction highlights the irrational behave of investors in times of crisis. In fact, when investors detect a risk concerning the financial situation of a stock, they anticipate a downgrade and react quickly, even before the official announcement of the downgrade, by selling their shares on masse. This action will cause the share price to fall. Similarly, the market’s weak reaction to early good announcements is explained by the fact that this type of announcement does not provide them with any unknown information to guide their financial decisions.

This study investigates the impact of the arbitration cases under the Investor-State Dispute Settlement (ISDS) scheme on cross-border direct investment in the form of merger and acquisition deals. The initiation of ISDS claims has significant and negative effects on direct investment from the claimant home country to the developing or weak-institution responding country. Indirect expropriation claims often have stronger effects than direct expropriation claims. The investor-win arbitration cases produce a significant substantiation effect by reducing merger flows, while the state-win cases produce an acquittal effect that encourages the subsequent capital inflow to the respondent state. Both effects are more striking in weak-institution or less developed target countries. We also detect some spillover effects of ISDS arbitration.

Cet article examine le traitement que le code des investissements de la République démocratique du Congo garantit aux investisseurs étrangers qui choisissent ce pays comme destination de leurs investissements. L’étude examine d’abord la portée dudit code en articulant son analyse sur sa philosophie afin de dégager les motivations du législateur et les objectifs que ce dernier lui a assignés. L’examen du champ d’application du code met l’accent sur sa portée ratione personae, ratione materiae et ratione loci. La réflexion explore ensuite les principaux mécanismes de traitement des investissements en démontrant que le code consacre un traitement non discriminatoire envers les investisseurs étrangers et qu’il adhère à l’orthodoxie des normes classiques de protection des investissements. L’étude analyse par ailleurs les incitatifs fiscaux et douaniers que le code concède aux investisseurs étrangers afin d’accroître la compétitivité de la destination congolaise parmi les investisseurs exportateurs de capitaux. Après analyse, l’étude conclut qu’en dépit de ses imperfections que nos analyses ont permis de mettre en lumière, le code des investissements de 2002 offre aux investisseurs étrangers un traitement globalement satisfaisant.

A história moderna da humanidade vem demonstrando que jaz míope a visão de que determinado país e sua economia podem viver e sobreviver em estado de isolamento hermético ante a economia globalizada. Não é concebível que determinada sociedade possa se desenvolver sem interação com investidores estrangeiros. Mesmo em países que, por opção ideológica, há certo isolamento, vemos hoje a existência de investimentos estrangeiros, ainda que sejam originados em outros países com o mesmo viés ideológico. Desta forma, os países em desenvolvimento e, em especial para o trabalho que aqui se apresenta, o Brasil têm que compreender as possíveis estruturas jurídicas e econômicas, bem como de políticas públicas que expressam tais estruturas, para poder pretender se credenciar como atrativos destinos de investimentos estrangeiros, seja pela outorga de benefícios (diretos ou indiretos), seja pela segurança ao investidor. No Brasil, entretanto, essa atratividade deve ser sopesada com a preservação de valores fundantes de nossa Constituição, congruentes com o ordenamento jurídico nacional e, ainda, devem ser, depois de efetivado o investimento, acompanhado por um sistema que imponha transparência e solidez ao cumprimento das contrapartidas desejadas: notadamente a geração de emprego e renda e de contribuição para a criação da riqueza nacional. O ponto central do presente trabalho gira em torno dos fundamentos jurídicos para a atração e manutenção, bem como a construção de um possível sistema de aferição da solidez jurídica de políticas de incentivo ao capital estrangeiro.

L’objectif de cette étude est de déterminer les facteurs influençant le comportement d’investissement des entreprises camerounaises par une approche microéconomique. En effet, malgré un taux de profit élevé (l’EBE représente environ 60% de la valeur ajoutée), le taux d'investissement privé au Cameroun demeure très faible (18% du PIB) et risque de compromettre l'atteinte du stade de pays émergent à l'horizon 2035. En se basant sur le modèle théorique accélérateur-profit, nous avons estimé un modèle de panel dynamique grâce aux données de 381 entreprises sur la période 2015-2022, par la méthode des moments généralisés (GMM). Les résultats obtenus identifient la demande sur le marché (effet accélérateur) comme principal facteur qui agit positivement et significativement sur l’investissement. A contrario, le profit, la dette ou les capitaux propres n’ont pas une influence significative sur le comportement d’investissement des entreprises camerounaises. En outre, même en cas de demande importante, le comportement d’investissement des entreprises camerounaises est influencé par leur statut juridique, leur taille, leur activité principale et l’état sécuritaire de la zone d’implantation. Cela illustre à souhait l’importance d’améliorer l’environnement des affaires et d’encourager les entreprises camerounaises à muter vers des modes d’organisation leur garantissant non seulement un développement rapide mais aussi une pérennisation. The aim of this study is to determine the factors influencing the investment behavior of Cameroonian companies, using a microeconomic approach. Indeed, despite a high profit rate (EBITDA represents around 60% of value added), the private investment rate remains very low (18% of GDP) and risks compromising the country's ability to reach the stage of an emerging country by 2035. The covid 19 crisis, the Boko Haram security crisis in the northern part of the country and the secessionist crisis in the English-speaking regions all add to an already unfavourable business climate. These observations lead us to reflect further on the factors that explain the investment behavior of Cameroonian companies. Based on the theoretical accelerator-profit model, we estimated a dynamic panel model using data from 381 companies over the period 2015-2022, using the generalized method of moments (GMM). The results obtained identify market demand (accelerator-effect) as the main factor acting positively and significantly on investment. Conversely, profit, debt or equity do not have a significant influence on the investment behavior of Cameroonian companies. Other variables such as the company's legal status, size and activity also have an effect on investment. The company's geographical location in a zone of insecurity, such as the northern and western regions of Cameroon, also has a negative effect on investment behavior, no doubt due to the uncertainty and irreversible nature of the investment.

La conclusion des accords de promotion et de protection des investissements a pour fonction d’augmenter significativement les investissements directs étrangers dans les pays en développement afin de les sortir du sous-développement. Ces accords sont donc envisagés comme la panacée contre le sous-développement en raison de l’échec des solutions traditionnelles de lutte contre le sous-développement. Cependant, fort est de constater que le développement auxquels ils renvoient ne peut être élevé au rang d’une véritable obligation juridique dans la mesure où la notion de développement est elle-même est ancré dans la soft law.

This study evaluates the South African income tax regime for investments using trusts. It considers whether reforms are required, and if so, how can this be done to create a tax framework that will encourage investment, limit tax avoidance and curb capital outflows, while considering South Africa’s unique context and challenges.

International investment agreements employ dispute settlement procedures that differ markedly from their counterparts in trade agreements. A prominent and controversial difference arises with respect to the issue of “standing”: Who has the right to complain to adjudicators about a violation of the agreement? While trade agreements limit standing to the member governments (state-to-state dispute settlement), investment agreements routinely extend standing to private investors as well (investor-state dispute settlement). We develop parallel models of trade and investment agreements and employ them to study this difference. We find that the difference in standing between trade and investment agreements can be understood as deriving from the fundamentally different problems that these agreements are designed to solve. Our analysis also identifies some important qualifications to the case for including investor-state dispute settlement provisions in investment agreements, thereby offering a potential explanation for the strong political controversy associated with these provisions.

This article argues for a fundamental raison d'être reconceptualization of international investment law (IIL) through Martha Fineman's 'vulnerability theory'. The theory helps identify the structural sources of IIL's shortcomings, whilst philosophically challenging the one-sided view that foreign investors are entitled to protections, but are free from obligations vis-à-vis the communities affected by their undertakings. Emphasizing the productive power of the state to take positive action that acknowledges ordinary citizens' embeddedness within, and dependence upon, surrounding structures, the vulnerability theory challenges the hegemonic perception of the state as a source of danger - a view which has hitherto undermined both the potency and the enforceability of investor obligations. Used as a heuristic device in studying both IIL's existing structures and the potential avenues for reimagining it, Fineman's theory not only shines a novel light on the foundational premises of IIL, but also grants theoretical traction to existing ideas about improving the system.